Boots has reported a surge in profits as beauty sales and footfall across stores increased in the year ending August 31, 2023.

The UK’s largest health and beauty retailer has reported a 42.3% rise in pre-tax profits to £237.6m in the 12 months to August 31, according to new filings for three UK subsidiaries at Companies House.

Sales at Boots went up to £8.3bn, compared with £7.7bn in the previous year, driven by strong retail sales from beauty brands such as Soap & Glory, Liz Earle and Fenty Beauty.

Filings revealed that Boots spent £107m in dividends between subsidiaries and at least £38m in restructuring costs as it looks to cut down its store estate from 2,200 to 19,00 in the UK.

The news comes after the retailer, owned by Walgreens Boots Alliance, agreed to transfer £4.8bn of pension obligations to insurer Legal & General in a deal that will potentially pave the way for a sale or float on the London Stock Exchange.

In its most recent results, Boots reported growth in both in-store and online sales in the three months ending February 29, 2024, as it delivered retail market share growth for the 12th consecutive quarter.